: Sensex crashes 2,713 pts as bears return #FinanceIndia #StockMarketNEWS #Business Mumbai: Equities succumbed to yet another brutal selloff on Monday, with the Sensex logging its second-biggest drop

@StockMarketNEWS Wed 18 Mar, 2020

Posted in: #Business #FinanceIndia #StockMarketNEWS

Sensex crashes 2,713 pts as bears return #FinanceIndia #StockMarketNEWS #Business
Mumbai: Equities succumbed to yet another brutal selloff on Monday, with the Sensex logging its second-biggest drop in absolute terms, as the coronavirus pandemic continued to wreak havoc on the global markets.



The 30-share BSE Sensex plunged 2,713.41 points or 7.96
per cent to finish at 31,390.07.



Likewise, the broader NSE Nifty gave up the 9,200 level,
slumping 757.80 points or 7.61 per cent to end at 9,197.40.



This was the second biggest drop for the benchmarks in
absolute terms. The Sensex and Nifty had plummeted 2,919.26 points and 868.25
points respectively on March 12.



Asian markets nosedived after China’s factory output and
retail sales data came in sharply lower, fanning fears of a
coronavirus-triggered economic slump.



Meanwhile, the US Fed on Sunday made its second emergency
rate cut in less than two weeks, slashing the benchmark borrowing rate to a
range of 0-0.25 per cent, where it was during the 2008 global financial crisis.



Dalal Street was buzzing with speculation of an
inter-meeting rate cut by the RBI as well after Governor Shakitkanta Das called
a press conference post market hours. However, the Reserve Bank stopped short
of announcing a rate cut but hinted at doing so at the next MPC meeting on
April 3, even as it rolled out more liquidity enhancing measures.



All Sensex components ended in the red. IndusInd Bank was
the top loser, skidding 17.50 per cent, followed by Tata Steel (11.02 per
cent), HDFC (10.94 per cent), Axis Bank (10.38 per cent) and ICICI Bank (9.96
per cent).



All sectoral indices closed with losses, with BSE metal,
bankex, finance, realty, IT and energy indices dropping up to 9.30 per cent.



Broader mid-cap and small-cap indices fell up to 5.94 per
cent.



Elsewhere in Asia, bourses in Shanghai dropped 3.40 per
cent, Hong Kong 4.03 per cent, Seoul 3.19 per cent and Tokyo cracked 2.46 per cent.



European bourses too tumbled up to 8 per cent in opening
trade as much of the region went into shutdown mode.
The post Sensex crashes 2,713 pts as bears return appeared first on The Navhind Times.

Stock Market News & Best Intraday tips & Stocks near support

Report

Login to post a comment!